To Everybody’s relief , Due Date has been Extended by 5 days!
This year also the trend continues! As has been the past two years, this time as well the due date for E-filing of Income Tax Return has been extended from 31st July 2017 to 5th August 2017 by the Income Tax Department.
What is Due Date Extension?
All taxpayers who missed the earlier deadline which was 31st July for Financial Year 2016-17 (The assessment year 2017-18), can avail this opportunity and file their returns until 5th August as the due date has been extended by 5 days.
How is it helpful in any way?
While this tax season had with it a lot of changes which led to confusion amongst taxpayers, the Income tax Department keeping in view the difficulties that people were having because of these changes declared this extension. Also, this will help to avoid the consequences that come with late filing or filing after the due date. But filing a belated return can have repercussions on a serious note like you loose interest amount on your refunds, may be imposed with a penalty and most importantly, you will not be able to carry forward your losses.On this note,
What are the reasons for this date extension?
This time the extension didn’t come around as an unexpected move. Many Tax Experts were already considering this possibility. Tax filing has been as it is a lot different and important this year accredited to Demonetization, Mandating the linking of Aadhar Card with PAN Card which has been the talk of the town for quite some time now as a large number of return filers were having issues while linking. Some experts also point the extension of the deadline for employers to furnish Form 16 from May 31st to June 15th as one reason for date extension. Others point the changes in the Various ITR forms along with additional and mandatory compliance requirement of quoting Aadhar/Enrolment Id.
Apart from all these reasons that outrightly justify the date extension from Tax Experts’ view, however,if we consider the Tax Filers view , they feel that Chartered accountants are busy with the arrival of GST due to which they may not have been able to spare as much time as before to advise individuals on direct tax filing and returns and some cases may be getting delayed because of this.
How can I file now?
For those who could not file their return due to technical glitches in the Income Tax website, can now file using Tax2win, the best e-filing portal. Our services do not only hassle free but also quite affordable. As this would be first tax return post Demonetization, taxpayers can subscribe to the CA assistance service. Our expert CA’s will talk to you, understand your case, will prepare and file your return.
You still have a few days in your hand. Take advantage of this time to file your income tax return as soon as possible. So Stop procrastinating and Start Filing!
Click here & file ITR